And a smart guy to boot. Young Buck: Impressive returns., Richard ChiltonChilton Investment CompanySize: $4.3 billionStyle: Stock pickerLocation: Stamford, Conn. A founder of the Greenwich hedge-fund scene. His salary from the state for his role as attorney general pays $184,358.52 as of 2021, which is more than the $174,000 he would receive if elected to the U.S. Senate. See our favorite looks from outside the shows. Granted. In his adventures in business and the corporate world, Eric has made significant money. His charitable endeavors are numerous. A plumber in Queens has to pay a lot of taxes: federal income tax, state income tax, city income tax, self-employment tax, metropolitan commuter transportation mobility tax, unincorporated business tax. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. And they are in a position, sometimes, to treat this earned income as a low-taxed capital gain. So, if youre ready, lets get started. More information about this will be availed when we get it. Asset-Backed & Structured Credit: Investments that are backstopped by assets, including trust preferred securities, aircraft leases, mutual fund fees and other. Quantitative Investor: Generally relies on software-driven models that analyze historical trading patterns to inform current investment decisions, seek out price inefficiencies, or crunch financial-statement data in order to determine a theoretical price. Collects black-and-white photographs and is on the board of the International Center of Photography. What would Tesla be worth in the absence of certain peculiarities of the tax code? Case in point: Eric Mindich, who will turn 50 this year, became the youngest ever partner at Goldman Sachs more than 20 years ago at age 27, earning him a reputation as a Wall Street wunderkind. As with all top traders of his generation, Mindich subsequently left Goldman Sachs and launched a hedge fund. The firm lists several strategies in its Form ADV Part 2A (with the fund now winding down, it may not use any or all at this time). Age, Height, and Weight Being born on 28 January 1968, Rakim is 55 years old as of today's date 2nd March 2023. The trader need not have an opinion on the merits of a company whose stock he trades, or the appropriateness of a particular exchange ratejust an opinion on the short-term direction of the securities. Being born on 29 August 1967, Eric Mindich is 55 years old as of todays date 4th March 2023. Eric Mindich. Arthur Samberg. Fundamental Long/Short: Going long on securities that are consider undervalued, or selling short those it believes are overpriced. (WSJ), This guy quit his job at Coke to create his own trading website, became a millionaire by collecting fees for executing trades via the E*Trade knockoff, got busted by the FBI, turned informant and then went rogue. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. What happened to Mindich, and the industry? Hes morphing [Cerberus] from being a distressed hedge fund into almost a buyout firm. Young Buck: The top name in distressed, middle-market, and private deals., David TepperAppaloosa ManagementSize: $5.3 billionStyle: Distressed investorLocation: Chatham, N.J. During his career, the prolific actor inhabited an array of troubled characters. It also seems likely Goldman Sachs enjoyed a good return by investing in Mindich over the 15 years he spent there. Hes a deep thinker, not a trader. Young Buck: Top, pure short investor of the past decade. Eric has made a lot of money through his endeavors in business and the corporate sector. He was also a member of the Phoenix SK Club in the same university. Both specific years and an overview must be pieced together from other published information. And most of the assets of the firm are his own!, Stephen FeinbergCerberus CapitalSize: $19.15 billionStyle: Distressed investorLocation: ManhattanWorked at Drexel Burnham Lambert in the Milken era. By submitting your email, you agree to our Terms and Privacy Policy and to receive email correspondence from us. stated in. His height is 1.73 m, and he weighs 77 kg. The Biden administrations policy of blocking unvaccinated people from the country continues to make little sense. Mindich had what would have been, for many, the best of summer jobs: Working after high school and during summer breaks at Goldman Sachs (GS) while earning a degree in economics at Harvard University. Richard PerryPerry CapitalSize: $12.34 billionStyle: TraderLocation: ManhattanPerrys wife is very active in Democratic fund-raising circles; she donated more than $1 million over the last three election cycles. Paid $45 million for penthouse in Robert A.M. Stern building going up at 15 Central Park West at 62nd Street. Thirteen years later, he is shutting down Eton Park Capital Management, which at the end of 2016 had only $7 billion in assets. Enjoy a 7-Day Free Trial Thru Mar 11, 2023! Scopia Capital is a long/short, value oriented market neutral hedge fund. Tax credits are an important part of Teslas business model, as you can see by noting that in the third quarter the company earned $271 million before corporate taxwhile delivering 83,500 vehicles. Because of the complex strategies employed by Mindich, it is hard for value investors to find much to emulate or study, even though Mindich employed some value tactics in his operations. Case in point: Eric Mindich, who will turn 50 this year, became the youngest ever partner at Goldman Sachs more than 20 years ago at age 27, earning him a reputation as a "Wall Street wunderkind." As with all top traders of his generation, Mindich subsequently left Goldman Sachs and launched a hedge fund. Behold the new Establishment. Still, he has number of good operations. Hedge-Fund Investor: An early practitioner of activism who has exported his approach to Japan and now the rest of Asia. Young Buck: Not afraid to sue or be sued., Barry RosensteinJANA PartnersSize: $5.8 billionStyle: Stock pickerLocation: San FranciscoOnetime Merrill Lynch investment banker. Thirteen years later, he is shutting down Eton Park Capital Management, which at the end of 2016 had only $7 billion in assets. Libertarian who founded the Stanford Review. For clients paying 2% management fees and a 20% performance fee, as well as restrictive withdrawal terms, clients have not received much of a return, whichever is the case. We wish him well. See Eric Morton Mindich's compensation, career history, education, & memberships. Mindich was the toast of Wall Street when he raised $3 billion to launch his new hedge fund company. Musks company benefits, indirectly, from electric vehicle credits. An average annual return that brought in less than double-digit returns over 13 years is not the kind of result pension and mutual fund managers can live with for long. Purchased Jasper Johnss False Start from David Geffen for $80 million. Sinai is a premier teaching institution. Lives in a 32,000-square-foot house on a fourteen-acre estate in Greenwich. While there are one or two photos of Talpins floating around the Internet, Forbes does not have a legal right to publish any of them. Sits on the board of the Metropolitan Museum of Art. In. $2.5 . Co-founded PayPal. Malniks family is well-known in Miami Beach for its philanthropic work with the Make-A-Wish Foundation. And hes becoming the next Warren Buffett in the process. Young Buck: Takes highly concentrated control positions in the companies he invests in., Kenneth GriffinCitadel Investment GroupSize: $13.5 billion Style: TraderLocation: ChicagoUsed to be one of the most secretive guys. While undoubtedly possessed of a bright mind, Mindich was also paid to apprentice in the financial industry at one of the highest-flying firms. He continued rising and became the senior strategic officer of the firm in 2003. Thirteen years ago Eric Mindich set an industry record when he raised $3 billion for his new hedge fund Eton Park. The company run by the richest guy in the solar system is going to get $48,000 in tax incentives for each job created in Queens. Pay more to the tax collector so that certain lucky people can get a nice deal. While undoubtedly possessed of a bright mind, Mindich was also paid to apprentice in the financial industry at one of the highest-flying firms. In 2003, he rose through the ranks to become the firms senior strategic officer. Estimated net worth of $1 billion. Eric Mindich was the firm's Chief Executive Officer. As to the closing of his firm, Bloomberg cites a passage from Mindich"s letter to clients, explaining that a confluence of issues led to his decision to close: He says this combination "challenged our ability to continue to maintain the scale and scope we believe necessary to pursue our investment program consistent with our founding principles.". BACKGROUND: Eric Mindich graduated from Harvard with a bachelor's in economics. Also learn detailed information about Current Net, Mayowa Adegbile estimated Net Worth, Biography, Age, Height, Dating, Relationship Records, Salary, Income, Cars, Lifestyles & many more details have been updated below. For alternative investments, it put its money into derivatives, residential and commercial mortgage-backed securities as well as other securities with asset-backing and collateralized debt instruments, mainly in emerging markets. Sterling reputation earned in Goldmans risk-arbitrage department. Although the precise amount is unknown. Estimated net worth of $2.5 billion. He then found Eton Parkcapital management in early 2004, with around $ 3 billion in the capital, which was recorded as one of the largest start-up fund launches in history. Find thousands of job opportunities by signing up to eFinancialCareers today. He appears to have a very successful and joyful life, yet little is known about his personal life because he is very private about his personal concerns. Eton Park Capital Management is also funded by him. Why do money masters do so well? Mostly it has been a hedge fund desert. Eric Mindich (B), 54 - Upper Saddle River, NJ Public Reputation Profile at MyLife.com Home People Search M NJ Upper Saddle River Eric Mindich Not the right Eric Mindich? Eric has had a number of successful business initiatives, and he is gaining prominence. (What? He is, however, married to Stacey Mindich, a former Town and Country senior editor. The former high-school math-team champ has all eyes upon him in 2007. Pawing through assessors records, I turned up Thorne-related entities getting a combined $12 million shaved off their assessments. Old Hand: Clearly a great global stock picker. Young Buck: Something obviously runs in the family. It shows launches in blue on the top half, and liquidations in red on the bottom half: Overall, the number of hedge funds has been shrinking, despite new entrants. CCH minted money. Click here to check it out. [1] From 2012 to 2014, Eton Park's annualized return averaged over 13% while the S&P500 averaged nearly 18%. eric mindich net worth forbes. In 1988, he received a Bachelor of Arts in Economics, summa cum laude from Harvard. He started big, but his recent results havent been great. central forge vise replacement parts (Bloomberg), Even bankers can save the world and figure out the meaning of life, according to this banker. Donald Trump's real net worth? Hes a terrific trader, and very intense. Hedge-Fund Investor: The next wave of stars in the hedge-fund world will be those portfolio managers who come out from under Cohens wing. Young Buck: Likely the largest trader by volume in the world. (MarketWatch), Mulling what to do with all of your spare time after retiring from your successful financial services career? Banks are laying off compliance professionals. Its mandate includes both domestic and international markets. The firm is privately owned and controlled by Mindich. Im thinking of getting a cow for my front lawn. He is said to employ an investment strategy that relies heavily on options, according to the Wall Street Journal. Eric Mildich achieved a lot in his career at such a tender age and remained very consistent in his pursuits. Together, they have three sons, Mike Wallace, Edward Minskoff, and William Lauder. As of March 2023, Jose Carreras's net worth is estimated to be $250 Million. Bloomberg reports Mindich lost 9.4% in 2016. Was a helicopter pilot in the U.S. Army. Travis Barkers Finger Is Now the Enema of Blink-182 Fans. Ironically, his last full year before winding down also came in at 9.4%, but on the negative side. A leader among activists, he focuses on retail, and owns Sears (which owns Kmart) and AutoNation. Hedge-fun-size estimates courtesy of Absolute Return magazine. From 2004 to 2017, he was Chief Executive Officer and Founder of Eton Park Capital Management. The man must have had some instinct that taxes could get complicated. To start with it all went well. On March 23, the New York Times ran this headline, "Eton Park to Shut Down as $3 Trillion Hedge Fund Industry Faces Turmoil." Jessica Mindich is a former lawyer and the founder and CEO of the Caliber Collection, which transforms bullet casings into jewelry. Its too soon to know how much damage the recent tax change will do to hedge funders. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Among common stocks, a relatively conventional group, with a mix of domestic and international holdings. Disclosure: I do not own shares in any of the companies listed in this article, and do not expect to buy any in the next 72 hours. Then there is Jeffrey Talpins. Personal Eric's wife is Stacey Okun Mindich, a former senior editor at Town & Country. Eton Park lost 9.4%last year and the funds performance has been flat so far this year compared to a 5% gain for the S&P 500 during that time. object stated in reference as. Last year, a terrible one for most hedge fund managers, Talpins hedge fund returned 17%. Old Hand: Another activist, but his deal with BKF I dont think worked too well. He began working for Goldman Sachs after high school and continued to do so when he enrolled at Harvard in the summer. CEOs hate them. Eric Mindich started working at Goldman Sachs after high school, and spent summers at the firm while earning a degree in economics at Harvard. Eric Morton Mindich is CEO/Founder at Eton Park Capital Management. The firm lists several strategies in its Form ADV Part 2A (with the fund now winding down, it may not use any or all at this time). Old Hand: A visible and outspoken activist. Attempted largest hostile takeover attempt in Korean history when he went after tobacco maker KT&G with idol Carl Icahn. Still, mere mortals who collect salaries wind up with higher effective tax rates than the big guys do. Called greatest investor of his generation. At least those hoping to make the Forbes 400 list of the richest Americans. On the other hand, the net worth may be depleted by annual operating losses or a substantial decrease in . The hedge fund manager is worth, my colleagues estimate, $3.1 billion. It has gone into three disparate areas: equities, fixed income and alternative investments. Plus hes got terrific kids., Larry RobbinsGlenview Capital ManagementSize: $6.1 billionStyle: Stock pickerLocation: ManhattanUsed to work for Leon Coopermans Omega Advisors. But it is perhaps fitting that the Thorne family, heirs to a tax-generated fortune, would be true masters of this particular dodge. The New York-based hedge fund launched with a global, multidisciplinary focus in 2004. Jonathan Anderson gets one of the first qualities of great fashion that it has to feel a bit strange. Hired many employees out of Enron ashes. This was an exceptional achievement at the time. Regardless of structural reasons for closures, it hardly makes sense for institutional investors or others to pay high management and performance fees for mediocre performance. It has gone into three disparate areas: equities, fixed income and alternative investments. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. George Soros. After Dax Shepard asked her about her musical chairs relationship situation. Its goal was to give investors risk-adjusted returns over multiyear periods. Karen R. Adler is an independent management consultant working with high-net-worth families and their foundations. Hes totally monomaniacal about his business. Hedge-Fund Investor: A big contributor to a number of causes. Young Buck: Hotshot who utilizes a variety of strategies.. The chairman and CEO of Dell has an estimated net worth of $19.8 billion, earning him the No. Quit in 2003. Big fan of American furniture and the Republican Party. Eric has made a lot of money through his endeavors in business and the corporate sector. Expertise in natural gas futures. Plenty of gentleman farmers take advantage (including, it should be noted, the editor-in-chief of Forbes). Prone to aphorisms such as Bridgewater is a community in which our fates are intertwined and Money doesnt bring happiness; the pursuit of excellence does. Old Hand: A truly brilliant quant, but his results have been mixed. Hedge-Fund Investor: Along with Simons, co-king of the quants. Young Buck: Steady but unspectacular; quietly built a money-management powerhouse., Mark CarhartGoldman Sachs Asset ManagementSize: $32.5 billionStyle: Quantitative investorLocation: ManhattanFormer University of Chicago academic co-helmed Goldmans flagship Global Alpha fund in 1997, after colleague Cliff Asness bolted for greener pastures. This is a huge amount of money. Dig a little deeper into your pocket. Furthermore, presently he and his wife Stacey are on a foundation, Mindich Family Foundation, which, in 2018, the tax fillings report shows that the foundation awarded grants worth $1.6 million. Hedge-Fund Investor: Whoa, did he ever have a crappy 2006., Daniel Loeb Third PointSize: $4.2 billion Style: Stock pickerLocation: ManhattanPoison pen of the industry. King of the vulture investorscurrently sniffing around car-company wrecks in Detroit. Just because it never happened doesnt mean they cant get back together. Eric Mindich - Founder and Chief Executive Officer - Eton Park Capital Management LP. As will be seen below, Mindichs performance has been spotty and he likely has not collected performance fees in many of the past 10 years. Veritas $450M loan default: A sign of things to come? (Reuters), The Financial Conduct Authority is reexamining the 7.3bn fundraising that Barclays undertook in 2008. Though his early life is unclear, his fathers name is Mel, and he currently designs golf courses. Side job as venture capitalist with investments in Friendster, Facebook, and LinkedIn. He is very active in philanthropy, is the President of the Lincoln Center Theater Board of Directors, has supported Harvard, and is also a member of the board of trustees at Mount Sinai Hospital. After high school, he began working for Goldman Sachs and continued to work there when he enrolled at Harvard during the summer. Tom Sandoval and Ariana Madix have broken up after he allegedly cheated on her with Raquel Leviss. Charges 5 & 44, a fee structure without peer in the hedge-fund worldbut nobodys complaining. Money goes out of your paycheck every two weeks and into Elon Musks net worth. Mindich's claim to fame is being the youngest person, at age 27, to make partner at Goldman Sachs (GS) in 1994. Story updated to include response from Tesla. His net worth is $177 billion, Forbes reports. Sweeney ranked 608 in the initial ranking, and while Forbes has not updated its list from earlier this month, others with a net worth of. You may opt-out by. Its all Ph.D.s over there. Stepped back from active management to focus on biomolecular research, but still takes home the biggest paycheck, an estimated $500 million in 2005. But I want a reduction, too. Following huge crowds on Ocean Drive during Spring Break, the Miami Beach City Commission voted last week to roll back alcohol hours to 2 a.m. until early December in the mixed entertainment district, which is between Ocean Drive and Collins Avenue south of 16th Street. All Rights Reserved. Two work with hedge funds in their positions at major investment banks. A combination of industry headwinds, a difficult market environment and, importantly, our own disappointing 2016 results have challenged our ability to continue to maintain the scale and scope we believe necessary to pursue our investment program, Mindich wrote in a letter to investors that was sent after he notified the firms 120 employees of the decision to close, according to The New York Times. Eric seems to have a highly successful and fulfilling life, though notmuch isknown about his personal life, as he is secretive about his personal affairs. He is still very active in business, but we see him more engaged with his foundation in the future. His height is 1.73 m tall, and weight is 77 kg. Eric has made a lot of money through his business and corporate ventures. Eric Mindich, chair of the Mellon Foundation's Investment Committee, said: "Scott's breadth of experience and depth of knowledge across a wide range of investment strategies, as well as his proven leadership skills, make us confident that the Mellon Foundation will be able to continue to provide generous support to the arts, humanities, and 35 spot, up from No. Past performance is a poor indicator of future performance. Activist stock pickers try to personally intervene in company affairs. The latest example came on Thursday when Eric Mindich, once the youngest-ever Goldman partner, announced he is shutting down his $7 billion multistrategy hedge fund firm, Eton Park Capital . Eric, it appears, enjoyed the business and thus entered the business field. Fired from Goldman over extramarital affair. Eric Mindich is a philanthropist and the creator of Eton Par Capital Management, which ran for a long period before closing down in 2017. Gurus may be added or dropped from the GuruFocus site at any time. Old Hand: A good global investor who is developing his business slowly and methodically. Hedge-Fund Investor: Hes doing more than just technology now, some sort of venture-capital effort., William von MuefflingCantillon Capital ManagementSize: $8.1 billion Style: Stock pickerLocation: ManhattanMade name at Lazard investing in tech and telecom, and credited with putting the banks hedge-fund business on the map. We wish him the best. HOME; ABOUT; SERVICES; LOCATION; CONTACT; why is pibb xtra so hard to find 2022 *Sorry, there was a problem signing you up. Also, Loeb explained to me as he slipped into a waiting limousine, the Trump tax cut raised the holding period to three years. Although nothing is known about his early years, Mel, who currently constructs golf courses, is his father. In 2002, he became a member of the firms management committee and, a year later, moved to the executive office as the senior strategy officer. Thats just the transformation he undertook at CCH. Lief RosenblattSatellite Asset ManagementSize: $5.4 billion Style: TraderLocation: ManhattanFormer George Soros underling. Refer a Friend and Earn One Month of Free Membership. At 27, he became the youngest partner in the history of the firm. It was managing $9 billion a year ago. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. This year, The Real Deal reported that Shareef Malnik inked a deal with hospitality mogul David Grutman to lease and rebrand The Forge restaurant in Miami Beach. This is a substantial sum of money. Started Pirate with $1.5 million of his own money and $500,000 from parents. Made his own fortune in the process. Would a tighter focus and specialization lead to better outcomes? Son Oakleigh Thorne IV perceived, long before most publishers, that publishing firms had to transform themselves into digital operations. He is a lucky guy. Now the fund is being shut down, becoming the year's most prominent casualty. Mark Mindich is chief operating officer of Meritage Group, a San Francisco-based investment adviser with about $11 billion assets under management, according to its website. Owns an apartment in 740 Park.Old Hand: Good money manager with solid results. Young Buck: Shares a fondness for art with former boss Stevie Cohen.. Fundamental company data provided by Morningstar, updated daily. The articles do not mention if these results are net (after management and performance fees are paid), but presumably they are gross. Paul Walsh. 3 sons, Mike Wallace, Edward Minskoff, and William Lauder. These are the luminaries of the hedge-fund industry. junio 12, 2022. cottage for sale in timmins on . Carl Icahn and Eric Mindich, that Mt. He predicted Enron, for Gods sake., Chase ColemanTiger Global ManagementSize: $3 billionStyle: Stock pickerLocation: ManhattanTiger Cub. Stanley Druckenmiller. Tends to hold positions longer than a trader. Recently purchased Willem de Koonings Police Gazette from David Geffen for $63.5 million. But do you know how old and tall he is, and what his net worth will be in 2022? Stock quotes provided by InterActive Data. He declined to comment for his article and has not publicly spoken to the media in many years. One of many successful hedge-fund managers to have come out of Goldman Sachs. Stacey Mindich is a two-time Tony Award-winning Broadway producer, a recipient of the 2016 Robert Whitehead Award for Excellence in Commercial Producing and winner of the 2018 Grammy Award as a producer for Best Musical Theater Album. As a new partner at 27, a newspaper described him as single and wealthy, but he didnt stop there. According to a Bloomberg profile, Eton Park invests in public equity, fixed income and alternative markets. Big fan of Jeff Koons. Theres a more direct conduit for job creation handouts; Tesla has lined up $1.3 billion in tax credits from Nevada and $750 million from New York in this fashion. Louis Bacon. And. Although the exact amount is not known. Eric Mindich is a passionate businessman, philanthropist, and founder of Eton Par Capital Management which operated for a long time before shutting down in 2017. Thirteen years later, he is shutting down Eton Park Capital Management, which at the end of 2016 had only $7 billion in assets. Quantitative Researcher - Global Equities HFT, "Andrea Orcel is an excellent banker but his pay rise is extreme". Mark Mindich is chief operating officer of Meritage Group, a San Francisco-based investment adviser with about $11 billion assets under management, according to its website. Michael Steinhardt. Daniel Loeb. Although the precise amount is unknown. Mike has 3 jobs listed on their profile. This article first appeared on GuruFocus. Also learn detailed information about Current Net worth as well as Jack's earnings, Worth, Salary, Proper, What is the Net Worth of Eric Mindich? Do Not Sell or Share My Personal Information. This password will be used to sign into all, I Inherited Millions From My Mother, and Everyone Knows, Shania Twain Gives Rare Update on Her Ex-Husband and Ex-BFF, Journey Should Probably Go Their Separate Ways, 6 Stand-ups Analyze ChatGPTs Attempts to Steal Their Jobs, 10 Things That Delighted Us Last Week: From Glass Jars to Guayabera Shirts. He is based in America and is famous for his numerous achievements, some of which were very young. A Fortune article from 2012 notes Mindich lost 11% in 2011. At 44, Talpins has bucked the trend that has swept the hedge fund world. 1988, joined Goldman Sachs: 1992-2000, leading Equities Arbitrage business; 1994, Partner; 2002, Co-Chief Operating Officer, Equities Division; 2003, Senior Strategy Officer and Chair, Firmwide Strategy Committee. Here are four leading citizens whose finances are helped by tax favoritism. Amazon has to pay taxes. According to another New York Times Dealbook article from 2015, hedge funds were closing then because of extra regulation (Dodd-Frank Act), the volatility of markets and additional investor scrutiny. Davos 2013 Participant List. As with many hedge funds, the firm gives itself a wide palette on which to paint. Eton Park expanded to manage $14bn in 2011, but those assets have been cut in half over the ensuing six years. Instead, we rank todays best hedge-fund managers in six categories, based on a poll of ten industry insiders. Old Hand: Not such a great year last year, but hes like buyout legend Leon Cooperman. The closure helped call into question the whole business model of the hedge fund industry. An activist investor of the vocal sort, thought to be as obnoxious as Daniel Loeb when going after wayward executives such as those at Kerr-McGee. Admittedly, Mindich isn't the only one struggling. [1] Eton Park had offices in New York City, London, and Hong Kong. Partially paralyzed in windsurfing accident, credits recovery to yoga. He made history. (Business Insider), Jay Clayton, who President Trump chose to lead the Securities and Exchange Commission, told Congress that his past work as a Wall Street lawyer is a strength and called for scaling back regulations and expressed skepticism about the usefulness of large corporate penalties.